An overview of the current six narratives: The next destination of liquidity

Author: Game, Crypto KOL

Compiled by: Felix, PANews

When the market is quiet, it's a good time to make plans: carefully consider what will happen next, where narratives are forming, and where liquidity will ultimately flow.

1. ETH Staking Revival

ETH needs a lifeline, and staking is the only narrative that can save it.

This aligns with the current macro situation: yield is king, and investors want cash flow in a bleak environment.

$LDO and $RPL are obvious proxy plays, but timing is everything due to the lack of a timeline.

Larry Fink, CEO of BlackRock, has previously pushed this narrative and may do so again. With crypto-friendly regulatory bodies, incentives will gradually roll out.

No one wants to expose themselves: uncertainty keeps people on the sidelines, but once the right fund manager or analyst starts to act, it will develop rapidly.

2. Large Token ETFs (LTC, HBAR, and Betas)

$LTC, $HBAR, and $XRP are all in the ETF application process.

The most likely narrative is "buy on the rumor, sell on the news." While significant inflows are not expected, the right positioning can still yield substantial returns.

If news announcements come too quickly, liquidity will shift rapidly, making exits tricky. The best scenario is staggered ETF approvals so you can rotate appropriately.

Be cautious with timing; don’t be the last one holding.

3. Buyback Clubs (Fee Switch and Buybacks)

MKR previously surged 200% due to buybacks, and AAVE rose 30% within days of announcing buybacks.

Hyperliquid → $600 million buyback annually
Jupiter → $250 million buyback annually
Ethena → Fee switch coming soon

Supply decreases, selling pressure reduces.

Reflexivity (the cyclical relationship between cause and effect) begins to take effect: buybacks drive up prices → generate more fees → fund larger buybacks → cycle.
The narrative is strong: traders rush to buy back, which only accelerates the entire cycle.

More protocols will follow: buybacks and fee switches are becoming the preferred strategies for price increases.

Trade based on news, don’t trade in the middle of the curve, don’t take profits too early, and study past price behavior.

Prioritize new/sudden news announcements over past ones. ($HYPE buyback promotions are good, but they have already played out; new catalysts are important.)

4. RWA and Tokenization

The previous $ONDO has already launched. The new "game" will be the focus.

This narrative perfectly aligns with TradFi's interest in tokenization.

Current watchlist:

$PLUME: Upcoming mainnet will present new, strong narratives
$AERO: A project that most people haven’t noticed yet. If Base continues to build its own blockchain, considering its strong ecosystem connections and recent directional shifts, this could be a "profitable" trading opportunity.
$SYROP (formerly MPL): Added to the Coinbase roadmap, may launch in a few weeks.

More quality projects may emerge in the future. RWA is a category worth closely monitoring.

5. Robotics and Potential AI 2.0 Trading

Figure AI (a company dedicated to developing autonomous general-purpose humanoid robots) is leading in the field of humanoid robotics. Tesla is heavily pivoting towards automation, essentially betting the company on it.

The narrative is simple: increased productivity = cost savings for companies, which is attractive in an economic slowdown.

The risks remain high, but the meta is forming.

On-chain exposure is limited but will grow, currently mainly consisting of early foundational projects.

The current opportunity is to look for virtual robotic agents. Similar situations have occurred before: the robots themselves may be completely useless, like all the junk robots, but the infrastructure is the real trade. (There’s no need to showcase something substantial, as long as others are using it.)

If the price is low enough and has an advantage in your analysis, now is the time to enter, or closely monitor and react promptly.

6. Other Sovereign Nations Involvement

Currently, cryptocurrency trading is entirely dependent on decisions made in the U.S.: policies, ETF flows, regulations.

If other T1/T2 countries get involved, it will break the U.S.'s dominance and trigger a new accumulation race.

This narrative is unpredictable, but once it happens, the market will change rapidly.

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